Budget 2014 - Page 12

Synopsis of Proposed amendments in Direct Tax in Budget 2014

Tax Benefits/ Exemptions to Individual/ HUF Basic Exemption Limit for FY 2014-15 is increased to Rs. 250000/- for individuals (whether male or female) below 60 years of age. For persons of 60 years or above, the basic exemption limit is raised to Rs. 300000/- Limit for Deduction u/s 80C has been increased to Rs. 150000/-. […]...

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Mandatory Fixed Pre-Deposit: A Sign Of Relief To Appellants ?

Filing of appeal is a mechanism available to the assessees who are aggrieved by the orders passed by the adjudicating authority or the higher appellate authorities. However, mere filing of appeal is not sufficient and there is a condition of making pre-deposit of duty or tax amount involved in the case. ...

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Roll back provision in Advance Pricing Agreement Scheme

Section 92CC of the Act provides for Advance Pricing Agreement (APA). It empowers the Central Board of Direct Taxes, with the approval of the Central Government, to enter into an APA with any person for determining the Arm’s Length Price (ALP) or specifying the manner in which ALP is to be determined in relation to an international tran...

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Manner of distribution of common input service credit under rule 7(d) of the Cenvat Credit Rules, 2004 – regarding.

Circular No. 178/4/2014-ST 11/07/2014

Circular No. 178/4/2014-ST- Dated- 11th July, 2014 Doubts have been raised regarding the manner and extent of the distribution of common input service credit in terms of amended rule 7 [especially rule 7(d)] of the Cenvat Credit Rules, 2004 (CCR). Rule 7 provides for the mechanism of distribution of common input service credit by the Inpu...

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Union Budget 2014-15 – A New Beginning – Snapshot

Period of holding for Equity Mutual fund units has increased from 12 months to 36 months for capital gain purpose and Tax raised from 10% to 20%. Introduced Range concept in Transfer Pricing Tax Holiday for power sector companies extended to 10 years New definition for MSME to enhance the scope of incentives...

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Non Commercial entities- still not in Service tax ambit

With the coming up of new government led by Mr. Naredndra Modi, came new hopes. The hopes for a better India once again dawned in the hearts of the people. The much talked about Budget of 2014 was the ray of hope for the people. The budget brought in a several boons if not many for different sectors in the country...

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Bolt From The Blue In Union Budget- Indirect Taxes

The much awaited Union Budget for the year 2014-15 is presented today by the Finance Minister, Mr Arun Jaitely in the Parliament. Though there is no change in the general rate of Excise Duty or Service tax, significant legislative changes have been made in the Section 35 F of the Central Excise Act, Section 83 of the Finance Act and in Se...

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Tax Proposals affecting Individual & Salaried AY 2015-16

Union Budget – Direct tax proposals - an Individual Point of view - 1. Increase of Basic exemption limit: Major expectation of increase in basic exemption limit has been given in the budget; the limit has been increased from Rs.2 lakhs to Rs. 2.50 lakhs for individuals except senior citizens and for senior citizens between 60 to 80 year...

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The Modi Budget 2014 : Direct Tax Highlights

CA Bikash Bogi BULLET POINT SUMMARY of Direct Tax Provisions INDIVIDUALS / HUF / AOP / BOI No change in income tax rates. Income Tax Exemption limit increased to Rs. 2.5 Lakh from Rs. 2 lakh. For Senior citizens exemption limit increased to Rs. 3 lakh. Deduction u/s 80C increased to Rs. 1.5 lakh from […]...

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Budget 2014 – Analysis by CA Gaurav Mittal

CA Gaurav Mittal KEY HIGHLIGHTS 1)      Fiscal Deficit targeted at 4.1% for 2014-15 and to bring it to 3% by 2016-17. 2)      GST to be introduced by the year end. 3)      No retrospective amendments by this Government. 4)      A new committee under CBDT to study cases pending because of retrospective amendments. 5) ...

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